Mcx Market Strategies And Latest Updates

Market Outlook

Gold price has faced strong resistance of its horizontal trend line at 43,800 levels on the hourly chart. Gold is looking bearish with a potential to reach 43,000. The outlook will change above 43,820 levels.Crude oil price has taken support of its rising trend line at 3,450 levels on the hourly chart.Crude oil is looking bullish with a potential to reach 3,600. The outlook will change below 3,440 levels.Copper moved above previous session high but failed to absorb the selling pressure at the higher level, which led to closing 6 points off the high. On the lower end, support seen at 423/421, while on the higher end, resistance seen at 430/434.

Fundamental News

Oil rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Gold prices steadied on Wednesday in Asia after the U.S. Federal Reserve’s rate cut sent the 10-year Treasury yields to an all-time low.Overnight, the U.S. central bank slashed rates by 50 basis points, cutting rates outside the normal cycle of meetings for the first time since 2008.

GOLD

Gold showed bullish movement, found major resistance around level of 43778. Now if price maintains on higher level then it will test next resistance level of 44000. On other side 43000 will be major support level.

SILVER

Silver showed bullish movement and major resistance around level of 46890. Now if price sustains below 45500 levels then it will test support level of 45000. On other side 47000 will be major resistance level.

CRUDE

Crude oil showed bearish movement and major support level of 3455. Now if price sustains on lower level then next support level is 3300. On other side 3600 will be major resistance level.

COPPER

Copper showed bearish movement and found major support around level of 426.60. Now if price sustain on lower level then next support level will be 420. And 435 will be major resistance level.

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